Substantial Acquisition of Shares and Takeovers (Amendment)
SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/19.— In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, namely:-
- These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021.
- They shall come into force on the date of their publication in the Official Gazette.
- In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,-
I. In regulation 1, in the proviso under sub-regulation (3), the words “Institutional Trading Platform” shall be substituted with the words “Innovators Growth Platform”.
II. In regulation 3, after the existing sub-regulation (4), the following new sub-regulation shall be inserted, namely, –
“(5) For the purpose of this regulation, any reference to “twenty-five per cent” in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as “forty-nine per cent”.”
III. In regulation 6, after the existing sub-regulation (3), the following new sub-regulation shall be inserted,
namely, –
“(4) For the purpose of this regulation, any reference to “twenty-five per cent” in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as “forty-nine per cent”.”
IV. In regulation 26, after the first proviso to sub-regulation (6), the following new proviso shall be inserted,
namely, –
“Provided further that while providing reasoned recommendations on the open offer proposal, the committee shall disclose the voting pattern of the meeting in which the open offer proposal was discussed.”
V. In regulation 29, after the existing sub-regulation (1), the following new proviso shall be inserted, namely, –
“Provided that in case of listed entity which has listed its specified securities on Innovators Growth Platform, any reference to “five per cent” shall be read as “ten per cent”.”
VI. In regulation 29, after the existing sub-regulation (2), the following new proviso shall be inserted, namely, –
“Provided that in case of listed entity which has listed its specified securities on Innovators Growth Platform, any reference to “five per cent” shall be read as “ten per cent” and any reference to “two per cent” shall be read as “five per cent”.”
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